11 Jan 2007 07:00
For Immediate Release (Release Date: 11 January 2007)
Trading Update
Brady Plc ("the Company"), the leader in the field of software solutions for metal and commodity trading, is pleased to announce its end-of-year trading update.
Revenues in 2006 are at least 10% higher than current market forecasts and profit before tax will at least meet market expectations.
Furthermore we are delighted to announce three new contract wins for Trinity version 600 in addition to the six wins previously announced in 2006. These contracts underpin current market expectations for 2007. Further, the Company has fully and finally settled its contractual dispute with Sempra Metals Ltd on agreed terms, without any admission of liability by either party.
The Company is pleased to announce the appointment on 10 January 2007 of Mr. Peter Harverson, 60, as non-executive director and consultant to the Company. Mr. Harverson has extensive experience in international sales operations for mission-critical applications. He will have a specific remit to assist the planning, execution and control of the growth of the company's sales and distribution operations. Peter is a non-executive director of Ubisense Ltd and Aspex Semiconductor Ltd, and is an advisor to Pulsic Ltd. Previously he held senior executive roles with Sun Microsystems, Cadence Design Systems and Intel Corporation. Mr. Harverson does not currently hold shares in the Company. This is the first step in a process of strengthening the Board to further the Company's continuing development.
New Customer Agreements
The Company's flagship front-to-back office software solution, Trinity version 600, has been selected by Mitsubishi International Corporation, one of the largest Japanese general trading companies. The initial implementation will support the customer's precious metal and derivative trading activities based in New York.
A leading producer of aluminium rolled sheet and recycler of aluminium products with operations on four continents, has also selected the latest version of Trinity to support the organization's global logistics and risk management operations.
Glencore International AG has selected Trinity version 600 for base metal trading and hedging activities. Glencore is one of the world's largest trading companies and are suppliers of a wide range of commodities and raw materials
Opval, the Company's popular option trading solution for metal, energy, and power, has been selected by a hedge fund to facilitate its trading and risk management operations.
Cash Position
The Company's cash position on 31 December 2006 was ‚£4.9 million of which ‚£ 570,000 was milestone payments received in 2006 but not yet recognized (The Company's accounting policy recognizes licence income only on practical acceptance which typically occurs at the end of the implementation).
Ends
For further information, please contact
Robert BradyBrady plc281 Cambridge Science ParkMilton RoadCambridge CB4 0WETel: +44 (0) 1223 479479Email: r.brady@bradyplc.com
For media information, please contact
Jane Heeney
Elements PR
St John's Innovation Centre
Cowley RoadCambridge CB4 0WSTel: +44 (0) 1223 421605
Email: info@elementspr.co.uk
BRADY PLC